Irish homebuilding company Cairn Homes has sold its Dublin city centre development, Six Hanover Quay site, to a company managed by real estate investment firm Carysfort Capital, for €101m.

Six Hanover Quay, which is currently under construction, comprises 120 apartments, as well as restaurant and cafe space.

The company said the deal agreed today represents an average gross sales price of €800,000 for each of the apartments.

The development is scheduled to be completed in the first quarter of next year.

Michael Stanley, the chief executive and co-founder of Cairn, said the sale of Six Hanover Quay in a single transaction is a tremendous outcome for the business which will deliver a strong return for its shareholders. 

Mr Stanley said that three of the 12 sites Cairn are building on today are apartment schemes in Dublin City and the company plans to start three further apartment developments in the next 12 months. 

"The nature and extent of our ambitious apartment construction activities will make an important contribution to this city which suffers from a stark imbalance between office and apartment construction," he said. 

"Dublin needs places to live to match the quantum of places to work," he added.